Foreigners pulled $24.2 billion from emerging markets in November, the most since the so-called taper tantrum in June of 2013

HONG KONG—Investors sold emerging-market stocks, bonds and currencies in November with such force that some are asking whether the fallout from Donald Trump’s U.S. election victory is causing a repeat of the so-called taper tantrum in 2013.

Foreigners pulled $24.2 billion from emerging markets last month: $8.1 billion from equities and $16.1 billion from debt, according to the Institute of International Finance. That marks the...